With the joint establishment of subsidiaries, the extension of the industrial chain has taken a substantial step forward. The company intends to use the raised capital of 33 million yuan to jointly invest with Shanghai Taiwei Technology Development Co., Ltd., and natural persons Lu Yingchuan and Li Gengli to set up "Beibohaitai". Develop and manufacture glass intelligent cutting and handling system technical equipment and glass digital printing equipment. The company accounts for 55% of the shares of Beibo Haitai, controls Beibo Haitai, and other investors contribute technology for Taiwei Company and Lu Yingchuan. The company's main products in the future are high-temperature glass inkjet machines, glass cutting machines and factory automation solutions.
The prospect of the new product is promising. The inkjet glass machine can print all kinds of patterns directly on the glass surface, realizing instant processing with high efficiency, no plate, low cost and rich colors, and the market for printing services has an average market of 400 million per month. Lu Yingchuan's former Hailining company has been engaged in glass cutting business for many years, and the new company will provide sufficient platform and financial support to double production capacity. In architectural glass and other non-large-scale glass processing industries, basically manual or semi-automatic operations, the entire transformation of China's glass automatic production line will have a market capacity of 40 billion
The thickening performance is obvious. The preparation period of the project is 3 months, and it was put into production in 2015, with a yield of 60% in the first year and 100% in the second year. The three-year planning income is 5000 yuan, 8000 yuan and 130 million yuan respectively, and the profit is 600-800 yuan, 1200-1500 yuan and 2000-30 million yuan.
There are still bright spots in the traditional business, and the extension of the industrial chain can still be expected. The growth of the main industry mainly comes from low-radiation coating equipment, TCO equipment, high-end glass products, etc., which is the guarantee of the company's performance; the extension of the industrial chain has taken a substantial step forward, and we believe that the follow-up extension is still worth looking forward to.
Maintain a "buy" rating. It is estimated that the EPS from 2014 to 2016 will be 0.09,0.2,0.33 yuan respectively, and the corresponding PE will be 89x, 40x and 24x respectively.